
North American Bond Research – August 24, 2020
Posted on August 24, 2020
HIGH YIELD BOND RESEARCH
|
August 24, 2020
|
Key Gainers and Losers | Volume Leaders | ||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Pacific Gas & Electric Co. 4.75% 2/15/2044 Ball Corp. 2.875% 8/15/2030 Ford Motor Co. 4.75% 1/15/2043 Ford Motor Co. 4.346% 12/8/2026 Cheniere Corpus Christi Hldgs LLC 7% 6/30/2024 Howmet Aerospace Inc. 6.875% 5/1/2025 FTS Intl. Inc. 6.25% 5/1/2022 T-Mobile USA Inc. 3.875% 4/15/2030 144A SLM Corp. 5.625% 8/1/2033 Eclipse Resources Corp. 8.875% 7/15/2023 |
Industry Returns Tracker | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
New Issues | Forward Calendar |
---|---|
(None Current 08/24/2020)
|
1. Avianca : $1.3B DIP DD TLB
2. MAG Aerospace: $290.7MM TL (B3/B) 3. CJ Foods Inc.: $285MM TLB 4. Avianca : $1.3B DIP DD TLB 5. UPC/Sunrise: $2.4B term loans (B1/BB-/BB+): $1.2B TLB1; $1.2B TLB2 6. MAG Aerospace: $290.7MM TL (B3/B) 7. CJ Foods Inc.: $285MM TLB 8. CJ Foods Inc.: $285MM TLB 9. Herschend Entertainment Co. LLC: $465MM TLB (B3/B) 10. UPC/Sunrise: $2.4B term loans (B1/BB-/BB+): $1.2B TLB1; $1.2B TLB2 |
Top Widening Loans | Top Narrowing Loans |
Jostens Inc. (USD) TL L+950 12/21/2026 Wittur (EUR) TL E+850 09/19/2027 NCL Corp. LTD (USD) TLA L+150 01/02/2024 Philadelphia Energy Solutions (USD) TLA L+625 12/31/2022 Safe Fleet Acquisition Corp. (USD) TL L+675 02/01/2026 |
Mavenir Inc. (USD) TLB L+600 05/08/2025 American Gaming Systems (USD) TL L+1300 02/15/2024 Fleetpride Corp. (USD) TL L+450 12/19/2025 Kindercare Education LLC (USD) TL L+825 08/16/2025 Verifone Inc. (USD) TL L+400 08/20/2025 |
SYNDICATED LOANS HIGHLIGHTS:
Deals recently freed for secondary trading, notable secondary activity:
- Symantec Corp., Broadcom LTD, Toll Brothers Inc., Cole-Parmer Instrument Co.
OVERALL CREDIT MARKET:
Long-term bond yields are expected to hit a cyclical peak in 2019 given tight fiscal policy and lagging global economies. Europe remains checked by stubbornly low inflationary forces. Positive effects remained in force:
- TED spread held below 16 bp (basis points), as of 08/24/2020
- Net negative capital flows into high-yield ETFs & mutual funds
INVESTMENT GRADE BOND RESEARCH
|
August 24, 2020
|
Key Gainers and Losers | Volume Leaders | ||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Johnson & Johnson 2.45% 9/1/2060 Johnson & Johnson 2.25% 9/1/2050 Microsoft Corp. 3.3% 2/6/2027 ServiceNow Inc. 1.4% 9/1/2030 General Motors Financial Co. Inc. 2.7% 8/20/2027 General Electric Co. FLT% PERP (1) Wal-Mart Stores Inc. 3.55% 6/26/2025 JP Morgan Chase & Co. 3.25% 9/23/2022 Comcast Corp. 1.5% 2/15/2031 Amazon.com Inc. 2.5% 11/29/2022 |
Industry Returns Tracker | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
New Issues | New Issues [Continued] |
---|---|
1. Entergy Corp. (USD) 0.9% 9/15/2025 (08/24/2020): 800MM Senior Unsecured Notes, Price at Issuance 99.606, Yielding .98%.
2. Alabama Power Co. (USD) 1.45% 9/15/2030 (08/24/2020): 600MM Senior Unsecured Notes, Price at Issuance 99.544, Yielding 1.5%. 3. Glencore Funding LLC (USD) 1.625% 9/1/2025 144A (08/24/2020): 1000MM Senior Unsecured Notes, Price at Issuance 99.499, Yielding 1.73%. 4. Glencore Funding LLC (USD) 2.5% 9/1/2030 144A (08/24/2020): 1000MM Senior Unsecured Notes, Price at Issuance 99.57, Yielding 2.55%. 5. Nationwide Building Society (USD) 1% 8/28/2025 Reg S (08/24/2020): 750MM Senior Preferred Security, Price at Issuance 99.859, Yielding 1.03%. 6. Glencore Funding LLC (USD) 1.625% 9/1/2025 Reg S (08/24/2020): 1000MM Senior Unsecured Notes, Price at Issuance 99.499, Yielding 1.73%. |
Top Widening Loans | Top Narrowing Loans |
Jostens Inc. (USD) TL L+950 12/21/2026 Wittur (EUR) TL E+850 09/19/2027 NCL Corp. LTD (USD) TLA L+150 01/02/2024 Philadelphia Energy Solutions (USD) TLA L+625 12/31/2022 Safe Fleet Acquisition Corp. (USD) TL L+675 02/01/2026 |
Mavenir Inc. (USD) TLB L+600 05/08/2025 American Gaming Systems (USD) TL L+1300 02/15/2024 Fleetpride Corp. (USD) TL L+450 12/19/2025 Kindercare Education LLC (USD) TL L+825 08/16/2025 Verifone Inc. (USD) TL L+400 08/20/2025 |
SYNDICATED LOANS HIGHLIGHTS:
Deals recently freed for secondary trading, notable secondary activity:
- Symantec Corp., Broadcom LTD, Toll Brothers Inc., Cole-Parmer Instrument Co.
OVERALL CREDIT MARKET:
Long-term bond yields are expected to hit a cyclical peak in 2019 given tight fiscal policy and lagging global economies. Europe remains checked by stubbornly low inflationary forces. Positive effects remained in force:
- TED spread held below 16 bp (basis points), as of 08/24/2020
- Net positive capital flows into high-yield ETFs & mutual funds
Copyright 2020 Advantage Data Inc. All Rights Reserved. http://www.advantagedata.com
Information in this document should not be regarded as an offer to sell or solicitation of an offer to buy bonds or any financial instruments referred to herein. All information provided in this document is believed to be accurate. However, Advantage Data and its sources make no warranties, either express or implied, as to any matter whatsoever, including but not limited to warranties of merchantability or fitness for a particular purpose. Opinions in this document are subject to change without notice. Electronic redistribution, photocopying and any other electronic or mechanical reproduction is strictly prohibited without prior written permission from Advantage Data Inc.
Disclaimer: The information on this blog site is for informational purposes only. Advantage Data makes no representations as to the accuracy, completeness, suitability, or validity, of any information. Advantage Data will not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. All information is provided AS-IS with no warranties and confers no rights. Information is not and should not be considered professional financial investment advice. In all events, Advantage Data is not a broker-dealer, shall not operate as a broker or a dealer, is not holding itself out as a broker or dealer and is not engaged in the business of buying or selling securities or otherwise required to register with the National Association of Securities Dealers.
Are you using AdvantageData?
AdvantageData is your fixed income solution for pricing, analytics, reports, and insight on approximately:
- 500,000+ U.S. and international corporate bonds
- Over 300,000+ BDC fair value assessments dating back to 2000
- Over 22,000+ syndicated loans
- Over 100 equity markets worldwide
- One platform 15 products and services from debt to loans to mid-market
- Used by top buy and sell-side firms worldwide